Expanding Social Security benefits - A pipe dream?
With great fanfare in the opening weeks of the 116th Congress, the Social Security 2100 Act was introduced, promising expanded benefits through higher taxes to resolve the program’s financial woes. According to projections, Social Security is slated to pay out more in benefits this year than it collects in revenue, and that means that the difference must be paid from the reserves now sitting in the Social Security Trust Funds which, current course and speed, will be depleted in 2034. At that time, if the program isn’t fixed, benefits will be cut. Nevertheless, expanding current benefits at the expense of higher earners seems to be the mantra of the new Congress. Trouble is, according to this Motley Fool article by Sean Williams, expanding Social Security benefits is a “fairy tale” in the face of a $32.2 trillion shortfall in Social Security’s currently projected cash needs over the next 75 years.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.
To read the Motley Fool article by Sean Williams, click here.
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